What is buying forward?

Correct Answer: An up - selling is getting the customer to spend more money, buy a more expensive model of the same type of product, or add features or warranties that relate to the product viewed or purchased A cross - sell is to get the customer to spend more money by adding more products from other categories than the product being viewed or purchased

Correct Answer: Internal marketing is the process of motivating and empowering the employees of a company to work as a team for the overall well-being of the customers and thereby the company itself This is actually the core to succes of a company A harmonised effort within the company is an utmost necessity to provide customers with services at a desired level If a firm doesn't deliver the service it promises in its marketing campaign, it will fail for sure And it only can keep that promise when all of its employees at all levels realise what actually it is going to deliver

Correct Answer: The annual plan control is one of the four types of marketing control system Annual plan control is essential in order to determine whether all the marketing efforts undertaken by the organisation has been really worthwhile or not It aims to achieve sales volume,profits and all those objectives which have been set up in the beginning of the year In an organisation,the top management and middle level management are responsible for the annual plan control They have to keep a check on the activities undertaken to implement the plans

Correct Answer: Profitability control is a mechanism of monitoring the sales made, profits earned and expenditure incurred by a company The relative profit earning capacity of a firm?s products and consumer groups can be determined via profitability control Sometimes surpisingly, it may be found out by companies how a small proportion of their products and even customers actually account for a significant percentage of the company?s profits This can be achieved through profitability control At times when the companies earn surplus profits, then such profits may even be ploughed back or reinvested This also forms part of profitability control

Correct Answer: In direct marketing, there is a direct interaction of the customers with the seller without any intermediaries Here, the role of the intermediaries is nil The medium used is more direct using telephone, mail, internet where the seller can directly reach out to the consumer Examples of such marketing include telemarketing, email, voicemail marketing, door-to-door selling etc This kind of marketing is more time saving as the problem of distance which may otherwise exist between the buyer and seller is eliminated and is also cost effective as it minimizes commuting costs

Correct Answer: It refers to the possibility for an investor to experience losses due to factors that affect the overall performance of the financial markets Market risk cannot be eliminated through diversification, though it can be hedged against The sources of market risk include natural disasters, recessions, political turmoil, changes in interest rates and terrorist attacks

Correct Answer: It refers to a forecast regarding the future trend of a particular company, economic segment, Commodity or stock market exchange Market outlooks are based upon past performance, prevailing economic factors, consumer demand and opinionIt is also called market forecast

Correct Answer: Competition occurs when two or more organisations act independently to supply their products to the same group of consumers There are mainly two cases when firms can compete One is price where firms are selling identical or very similar products, they must compete on price with each firm trying to undercut the others The other is differentiation A non-price competition depends on making a product different from those of competitors and by giving it distinctive qualities that are valued by the target market This might include branding, styling, special features or higher levels of customer service Good competition provides more options to customers and also brings with it improved customer services

Correct Answer: Benchmarking is the process of comparing one's business proceses and performance metrics to industry bests or best practices from other industries Dimensions typically measured are quality, time and cost

Correct Answer: Marketspace refers to an information and communication based electronic exchange environment It is a relatively new concept in marketing Since physical boundaries no longer interfere with buy/sell decisions, the world has grown into several industry specific marketspaces which are integration of marketplaces through sophisticated computer and telecommunication technologies